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Senior Explorer *

Recording Daily Sales with Square Payments

We need some suggestions on how to record daily sales using Square Payments but there are some important criteria.

  1. We want to process the entire daily sales not individual sales for individual customers
  2. We charge sales tax and need to be sure it's recorded separately from the amounts Square processed.
  3. We need to know how to record fees charged by Square
  4. We use QB Desktop for MAC (not QB online)
  5. We do not want to "connect" to Square or synch with our Square account

I think that's everything :-)

When we used PayPal for invoices we had it set up as a bank account but our understanding is that PP is more like a bank. 

 

I've seen a wide range of suggestions out there form enter a sales receipt for an item called "daily sales" and create a customer called "sales" and desposit to undeposited funds to deposit to the bank Square puts it into, to just make deposits then enter sales tax and fees separates (not sure how to do that).

 

Can someone help?

7 Comments
QuickBooks Team

Re: Recording Daily Sales with Square Payments

Welcome to the Community, @mac2it,

 

Let me help you on how to record your daily sales using Square Payments.

 

You need to create an Invoice then Receive Payment for deffered payment like Squarepayments. While "Sales Receipts" you can use when received an immediate payment.

 

To start with, you'll need to create an invoice to record the daily sales then add the sales tax. See the outlined steps below on how:

 

  1. From the Home screen or the Customers menu.
  2. Select Create an Invoices.
  3. From the Customer: Job drop-down, select a customer or customer job. If the customer or job is not on the list yet, you can select Add New.
  4. Fill in the relevant information at the top of the form like the Date Invoice #, Bill to/Sold to and Terms.
  5. Select Sales Tax.
  6. Click Save.

 

If a sales tax is not available in the invoice to make sure to turn on the sales tax in your Account and Settings. Later, when your customer pays, you record a payment against that invoice.

 

After that, you can deduct the processing fee upon depositing the payment that you received in QuickBooks Desktop.

 

Here's how to deposit the payment and add fee:

 

  1. Click on Banking at the top menu bar.
  2. Select Make Deposits.
  3. Choose the correct payment.
  4. On the next line, select the account where the fee should be posted.
  5. On the amount section, enter the processing fee as a negative amount so it will be deducted.
  6. Then click Save and Close.

 

Please let me know if you have other questions or concerns. We are always here to help you. Have a good day!

Senior Explorer *

Re: Recording Daily Sales with Square Payments

As it turns out, we're not not looking to create invoices for individual customers, but the batch for the entire day of sales using Square. I've seen a bunch of different methods described yet none say to do an invoice. This doesn't seem to be the right process for what we want to do. There's this posted by QB https://quickbooks.intuit.com/learn-support/en-us/sales-receipts/record-your-total-daily-sales/00/18... but it seems more than what we want to do. If you search for recording daily sales on the Community there are so many different methods described and we just want the simplest one to bath our daily sales and be able to account for payments received through Square as well as capture sales tax and somehow enter the fees from Square.

QuickBooks Team

Re: Recording Daily Sales with Square Payments

I appreciate you for the complete details of your concern, @mac2it.

 

Let me share additional information to ensure you’re able to track your daily sales.

 

First, since you want to process your entire daily sales, not by individual sales, are you referring to recording it by bulk? If yes, then you can create a sales receipt to record your sales transactions.

 

Also, you need to set up accounts and associate your transactions with it to ensure accurate income reporting.

 

On the other hand, you can import your sales transactions directly from Square. 

 

Here’s how:

  1. Go to the File menu.
  2. Choose Import.
  3. Select Transactions.
  4. Click Sales Receipts.
  5. Choose Import from Square.
  6. Select the CSV file you want to import, then click Ok.
  7. Click Import.

For more detailed instructions, you can check this article: QuickBooks Desktop for Mac 2019 User’s Guide (Go to page 214, Importing Square transactions.)

 

Feel free to visit us here in the Community if you have other questions. I’m always here to help.

Senior Explorer *

Re: Recording Daily Sales with Square Payments

Hi, thanks for your answer. We want to record all the sales for the day not individual sales and they are all going through Square but just for credit card sales and not sure how to process those. We DO NOT want to import the sales from Square we just want to enter the daily sales that were processed in Square for credit cards. We need to know this steps for this and how we set up Square in QB.

Moderator

Re: Recording Daily Sales with Square Payments

Allow me to step in, mac2it.

 

Setting up a Square account in QuickBooks Desktop for Mac is currently unavailable. You can only import your transactions into the system.

 

In this case, transfer the Square sales to your credit card account. Then, connect your credit card in QuickBooks.

 

Here's how:

  1. Open QuickBooks.
  2. From the Banking menu, choose Bank Feeds and select Set Up Bank Feeds for an Account
  3. Enter the name of your bank in the search field. QuickBooks displays possible matches.
  4. Click on the bank's name, then enter your login credentials and choose Connect.
  5. Once connected, the Link your Accounts window will appear. Choose which bank account(s) to add to the QuickBooks Chart of Accounts. 
  6. Follow the on-screen instructions.

See the Set up account for Bank Feeds article for further guidance.

 

From there, any transactions transferred from Square will be downloaded into QuickBooks.

 

Let me know if you have any follow-ups or other questions. I'm here to help. Have a nice day.

Senior Explorer *

Re: Recording Daily Sales with Square Payments

Hi, thanks for your reply. As it turns out, we're not trying to do that. We're trying to ascertain which way is advisable to enter the Square processing transactions. Some folks suggest setting up Square as a bank, others say just make deposits using the deposit screen and there may have even been a third way we've seen discussed. We use MAC desktop and we setup up PP as a bank account so we know it's possible, we're just trying to figure out the process for recording a whole days worth of sales that are all cc sales using Square. We don't want to link or synch to Square and we don't want to record each and every sale/payment. We just want to enter a big daily total and also make sure we enter the fees that Square deducts from the total sales, and make sure the total sales tax on the daily sales are recorded. I saw one explanation that mentioned to do a sales receipt and enter the total daily sales, but we still aren't sure if we should set Square up as a bank or not.

QuickBooks Team

Re: Recording Daily Sales with Square Payments

Thanks for getting back to this thread, @mac2it.

 

I appreciate you for the additional information you've added. Here in the Community forum, we can provide about the "How Do I" steps in QuickBooks Desktop for Mac.  With regards to your questions, it's best to contact an Accountant or Accounting advisor. It will depend on the accountant on how they will book for the sales from Square.

 

Please know that you're always welcome to post if you have any other concerns. Have a good one.